Tata Chemicals rating on CRISIL Watch Developing
CRISIL has placed its P1+ rating on Tata Chemicals Ltd’s Rs 1 billion short-term debt programme on ‘Rating Watch with Developing Implications’.
By INDIATIMES NEWS NETWORK |
MUMBAI: CRISIL has placed its P1+ rating on Tata Chemicals Ltd’s Rs 1 billion short-term debt programme on ‘Rating Watch with Developing Implications’.
This follows Tata Chemicals’ announcement that it has entered into a definitive agreement to acquire soda ash business of US-based General Chemical Industrial Products, for $1 billion.
General Chemical Industrial’s subsidiary, General Chemical (Soda Ash) Partners has a capacity to produce 2.5 million tonne per annum of natural soda ash. It has mining and manufacturing facilities at Green River Basin in Wyoming.
The mode of funding, future investments, and the likely impact of the acquisition on Tata Chemicals’ credit profile is not yet fully known. The deal is subject to regulatory and shareholder clearances.
CRISIL will review its outstanding rating after analysing the impact of the acquisition on the company’s business and financial risk profiles.
This follows Tata Chemicals’ announcement that it has entered into a definitive agreement to acquire soda ash business of US-based General Chemical Industrial Products, for $1 billion.
General Chemical Industrial’s subsidiary, General Chemical (Soda Ash) Partners has a capacity to produce 2.5 million tonne per annum of natural soda ash. It has mining and manufacturing facilities at Green River Basin in Wyoming.
The mode of funding, future investments, and the likely impact of the acquisition on Tata Chemicals’ credit profile is not yet fully known. The deal is subject to regulatory and shareholder clearances.
CRISIL will review its outstanding rating after analysing the impact of the acquisition on the company’s business and financial risk profiles.
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